Ruth’s Chris Corporate Returns $20M Loan Meant for Small Businesses
Facing public backlash, Ruth's Chris has decided to return the $20M small business loan it received as part of the coronavirus stimulus package, according to NBC.
The corporate office of Ruth's Chris had come under fire for being one of the companies to receive monies that were meant for small businesses when, in fact, they are a huge corporation. Ruth's Chris corporate office initially defended themselves, saying that each franchise employed less than 500 people but, after the US Secretary of Treasury threatened to investigate, the corporation backed down and agreed to return the money.
Keep in mind, the local Ruth's Chris has nothing to do with these decisions: this was all done at the corporate level.
NBC goes on to say that other large corporations are following suit and returning the monies that were meant for small businesses. Let's hope that it's not too late for that money to help our neighbors who are struggling to keep their businesses afloat.
The bank that processed the Ruth's Chris loan was JP Morgan Chase.